Here are EMI calculators for different loan types, along with formulas and sample calculations to help you understand how much you’ll need to pay every month.
✅ EMI Formula
The standard EMI (Equated Monthly Installment) formula is: EMI=P×r×(1+r)n(1+r)n−1EMI = \frac{P \times r \times (1+r)^n}{(1+r)^n – 1}EMI=(1+r)n−1P×r×(1+r)n
Where:
- P = Loan amount (Principal)
- r = Monthly interest rate = annual interest rate ÷ 12 ÷ 100
- n = Loan tenure in months
📊 EMI Calculators by Loan Type
1️⃣ Personal Loan EMI Calculator
- Loan Amount: ₹5,00,000
- Interest Rate: 15% p.a.
- Tenure: 3 years (36 months)
r = 15 ÷ 12 ÷ 100 = 0.0125
n = 36 EMI=500000×0.0125×(1+0.0125)36(1+0.0125)36−1EMI = \frac{500000 × 0.0125 × (1+0.0125)^{36}}{(1+0.0125)^{36} – 1}EMI=(1+0.0125)36−1500000×0.0125×(1+0.0125)36
➡ EMI ≈ ₹17,345 per month
2️⃣ Home Loan EMI Calculator
- Loan Amount: ₹50,00,000
- Interest Rate: 8.5% p.a.
- Tenure: 20 years (240 months)
r = 8.5 ÷ 12 ÷ 100 = 0.007083
n = 240 EMI=5000000×0.007083×(1+0.007083)240(1+0.007083)240−1EMI = \frac{5000000 × 0.007083 × (1+0.007083)^{240}}{(1+0.007083)^{240} – 1}EMI=(1+0.007083)240−15000000×0.007083×(1+0.007083)240
➡ EMI ≈ ₹43,433 per month
3️⃣ Auto Loan EMI Calculator
- Loan Amount: ₹10,00,000
- Interest Rate: 10% p.a.
- Tenure: 5 years (60 months)
r = 10 ÷ 12 ÷ 100 = 0.008333
n = 60 EMI=1000000×0.008333×(1+0.008333)60(1+0.008333)60−1EMI = \frac{1000000 × 0.008333 × (1+0.008333)^{60}}{(1+0.008333)^{60} – 1}EMI=(1+0.008333)60−11000000×0.008333×(1+0.008333)60
➡ EMI ≈ ₹21,249 per month
4️⃣ Education Loan EMI Calculator (During Repayment Period)
- Loan Amount: ₹8,00,000
- Interest Rate: 9% p.a.
- Tenure: 10 years (120 months)
r = 9 ÷ 12 ÷ 100 = 0.0075
n = 120 EMI=800000×0.0075×(1+0.0075)120(1+0.0075)120−1EMI = \frac{800000 × 0.0075 × (1+0.0075)^{120}}{(1+0.0075)^{120} – 1}EMI=(1+0.0075)120−1800000×0.0075×(1+0.0075)120
➡ EMI ≈ ₹10,145 per month
5️⃣ Gold Loan EMI Calculator
- Loan Amount: ₹2,00,000
- Interest Rate: 12% p.a.
- Tenure: 1 year (12 months)
r = 12 ÷ 12 ÷ 100 = 0.01
n = 12 EMI=200000×0.01×(1+0.01)12(1+0.01)12−1EMI = \frac{200000 × 0.01 × (1+0.01)^{12}}{(1+0.01)^{12} – 1}EMI=(1+0.01)12−1200000×0.01×(1+0.01)12
➡ EMI ≈ ₹17,770 per month
6️⃣ Business Loan EMI Calculator
- Loan Amount: ₹25,00,000
- Interest Rate: 14% p.a.
- Tenure: 4 years (48 months)
r = 14 ÷ 12 ÷ 100 = 0.011667
n = 48 EMI=2500000×0.011667×(1+0.011667)48(1+0.011667)48−1EMI = \frac{2500000 × 0.011667 × (1+0.011667)^{48}}{(1+0.011667)^{48} – 1}EMI=(1+0.011667)48−12500000×0.011667×(1+0.011667)48
➡ EMI ≈ ₹65,520 per month
✅ Key Insights
- Higher loan amount and tenure → Higher total interest paid, though EMI may be lower.
- Lower interest rate significantly reduces EMI over time.
- Shorter tenure → Higher EMI but lower total interest cost.
- EMI calculators help you plan finances and compare loan offers.